Mannamart blog is your number one stop for all information on fashion, technology, health, beauty, entrepreneurship and much more. We update you on the latest trend in the world of fashion, technology, entrepreneurship and serve you all the juicy information that revolves around the major players in these industries.

Welcome To Mannastores Blog, You can advertise on this blog by contacting through - mannamart@gmail.com or 08033858078, All comments on this blog are Purely the views Of Readers and Not that Of the admin! Information - Inspiration - Transformation (2IT)

Mannastores Online local Retail

CATEGORIES

Friday, June 30, 2017

Why recovering stolen funds is difficult –Osinbajo

Acting President Yemi Osinbajo has described efforts to recover
stolen funds as a very difficult one. He added that it was easier preventing
corruption than curing it. ”You need to engage forensic consultants and hire
other experts; even then, you will only have some hope of recovering some of
what has been lost,’’ he said.

Osinbajo stated this in Lagos during the 5th Annual
Christopher Kolade Lecture on Business Integrity, entitled “Prevention is
better than cure even on the issue of corruption’’.

The lecture was put together by the Integrity
Organisation Ltd., an anti-corruption, research and advocacy organisation for
Dr. Kolade, a former Nigerian High Commissioner to the United Kingdom. Osinbajo
said, “Many countries are reluctant to return proceeds of corruption by
introducing legal obstacles of different kinds to ensure that we do not get
back the money.

”There is a long list of “what if’’ – what if we were
able to do something or invest even half of that money in economic or
infrastructure projects before it disappeared? ”If some of that money
went into boosting our reserves, our exchange rate will not be where it is
today; so there lies evidence that corruption is cheaper to prevent than to
cure.

”In our investigations into Defence spending, we discovered
15 billion dollars unaccounted for, with no guarantee that we will ever be able
to recover it. You can imagine the damage done by that corrupt act.’’ Urging
Nigerians to desist from corrupt practices Osinbajo added, “Corruption is the
robbery of the wealth of the nation, and thieves exist in every tribe or
religion.’’

He then vowed that the Federal Government would
continually seek ways to make it harder for government funds to be stolen or
diverted. He said, ”President Muhammadu Buhari issued an order mandating
immediate compliance to the Treasury Single Account system to simplify
government accounting to provide a clear picture of what is coming in and going
out. “Over 20, 000 bank accounts have been closed since the presidential order.
”Another example is the bank verification numbers which modified application to
the federal payroll; we have been able to uncover more than 60,000 cases of
ghost workers.

”Another important measure is getting all our armed
forces personnel on the electronic human resource payroll to prevent scams in
the service”, he added.